Missing $100 notes may be funding criminal activity

AUSTRALIA'S missing $100 bills could be being stockpiled by criminals or those seeking to avoid taxes, an expert says, as momentum to axe high-denomination bills builds worldwide.

The Reserve Bank's website says there are 300 million $100 notes in circulation, compared with 165 million $5 notes, 116 million $10 notes and 157 million $20 notes.

The only note more abundant is the $50, with 608 million currently in use.

However, the $100 bill is rarely seen.

Swinburne University adjunct professor in marketing Steve Worthington said speculation was rife $100 bills, which are rarely stocked in ATMs, were being used for tax evasion and crime.

Read more at ABC News Online

Topics:  cash crime rba tax evasion

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